{"id":756879,"date":"2023-05-09T20:06:21","date_gmt":"2023-05-10T00:06:21","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/genedx-reports-first-quarter-2023-financial-results-and-business-highlights\/"},"modified":"2023-05-09T20:06:21","modified_gmt":"2023-05-10T00:06:21","slug":"genedx-reports-first-quarter-2023-financial-results-and-business-highlights","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genedx-reports-first-quarter-2023-financial-results-and-business-highlights\/","title":{"rendered":"GeneDx Reports First Quarter 2023 Financial Results and Business Highlights"},"content":{"rendered":"
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\n Generated $40.7 million in first quarter 2023 pro forma revenue from continuing operations, representing a 7% increase year over year<\/strong>
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\n Revenue included $22.4 million in whole exome testing, representing a 22% increase year over year<\/strong>\n <\/p>\n

\n Ongoing cost mitigation in first quarter delivered 31% cash burn improvement year-over-year <\/strong>\n <\/p>\n

\n Company reaffirms pro forma full year 2023 guidance <\/strong>\n <\/p>\n

\n GeneDx to host conference call today at 4:30 p.m. ET<\/strong>\n <\/p>\n

STAMFORD, Conn., May 09, 2023 (GLOBE NEWSWIRE) — GeneDx Holdings Corp.<\/a> (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic and clinical insights, today reported its financial results for the first quarter of 2023.<\/p>\n

\u201cOur distinct strength in delivering genomic interpretation continues to play a growing role in the diagnosis of rare diseases, and we\u2019re on our way to establishing a new standard of care. We served a record number of patients this quarter with strong and accelerating whole exome test growth, as well as other tests that play a critically important role in diagnosing children across a broad range of rare but collectively common conditions. As we continue to strengthen our commercial footprint and increase awareness about higher diagnostic yields available with our exome and genome tests, we are encouraged by increased adoption among non-genetic specialists who ordered their first GeneDx exome test in the first quarter,\u201d said Katherine Stueland, President and Chief Executive Officer of GeneDx. \u201cOur efforts are amplified by guidelines from physician groups and updated payer coverage policies in support of our intent to drive a shift towards whole exome and genome sequencing, ultimately driving better patient care while delivering revenue growth and margin expansion going forward.\u201d<\/p>\n

\n GeneDx Pro Forma First Quarter Financial Results from Continuing Operations<\/strong>
\n 1<\/sup>\n <\/p>\n

Pro forma results from continuing operations for GeneDx reported today include the combination of Legacy GeneDx and only the data and information business of Legacy Sema4, and assume Legacy GeneDx was owned for the entirety of 2022. Continuing operations exclude revenues and costs from the now discontinued Legacy Sema4 diagnostics testing business.<\/p>\n